Forum Help

If you want to ask about changing your username, have login problems, have password problems or a technical issue please email forumteam@moneysavingexpert.com

Posting help:

If you want to ask why a word can't be typed, your signature's been changed, or a post has been deleted see the Forum Rules. If you don't find the answer you can ask forumteam@moneysavingexpert.com though due to volumes we can't guarantee replies.

Login to MSE Forum

Join the MSE Forum

Skimlinks adds tracking to some, primarily retailers' links, to show they come from this forum. For some retailers, instead of using Skimlinks to turn the link into a tracked link, we use affiliated links set up through other third parties. Then if it generates revenue from that, this site is paid. The links don't change the content, or what you see or track individual data ? but they do help fund this free forum. So we hope you choose to switch it on. See the full Skimlinks factsheet for more.

My hubby is a black cabbie, so has public liability insurance. He took out a policy in June, and opted to make monthly payments. He signed a deal where the first month was £240 then 9x £120 monthly payments are due and then it is paid out for the year. We were informed about a month ago that the insurance firm is liquidating, but to do nothing as of yet and wait to be informed as to what the next step is. We had a phone call today to inform us that the he will be insured until 26th Oct. They can recommend another insurance firm who will give him the same deal that he had now. However because he took the pay monthly option he still has to continue paying the £120 a month for the original policy until the end of the contracted period because the policy has been paid in full by a loan company and our agreements are for payments to the loan company and not the insurance company. So he will have to pay the rest of the existing 'loan' and pay for new insurance on top. They advised we may get some of the money back but I realise that we might not. It feels like we should stop paying, but were informed today that we would have debt collectors involved if we just stopped paying. Has anyone experienced anything like this, and is there anything we can do to get out of this, as paying double is going to cripple us

Your debt is with the finance company who paid the insurer the full premium, hence them asking for the instalments to continue even though the insurer is ceasing.
It'll be interesting to know the insurer as above.

All I can suggest is try cancelling your policy before the 26th, that way you can legitimately argue that the insurer should refund the finance company (unless you've claimed this year and the who premium is due regardless). The insurer probably won't, given their finances, but that is then the finance companies problem, not yours.

It is Enterprise , and I'm in exactly the same position , I really don't know what to do either , surely it should not be left to us as the consumer to deal with this problem .
All I'm getting is emails reminding me to keep paying as per the credit agreement .
Then another today informing me I'm not insured from the 26th of this month , but to keep paying the premium .

Why not edit ( or delete) your "authoritative" but incorrect post regarding the FSCS only protecting customers of UK insurers going bust, and your incorrect assertion that those who don't insure with a UK company should be "reminded" about this as they only get what they pay for??

I've just spoken to my broker and they have sorted alternative cover from when my policy becomes void , but the bad news is it's financed again by close brothers .....
So I'm correct in thinking before the policy becomes void I can cancel (if it states in the t&c's that is ) I will only owe for the last 4 month's cover pro rata and the existing finance will not be an issue anymore ?
I'm just worried that if I cancel close brothers will spit their dummy out and not finance the new cover , I can't believe how much of a joke this actually is !

thank you for your replies, sorry you are going through the same problem Mr Poves, yes it is Enterprise. Thank you edddy for your link, I suppose we are paying for a product at the end of the day and they aren't delivering so it will apply. I will find out about new cover offered and like Mr Poves said, Im not sure who is financing it, it may be Close Bros also. I don't think we can cancel once they have announced liquidation, thats the bit Im unclear about.

How this site works

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

We don't AS a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the section 75 guide for protection tips).

We often link to other websites, but we can't be responsible for their content.

Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code.